The sports star returned to the BBC entertainment series for a second attempt at the competition after struggling in wet and oily conditions on his previous effort in 2007.
Lewis managed to lap the Top Gear circuit in a Suzuki Liana in 1.42.9, smashing fellow F1 star Sebastian Vettel's previous record of 1.44.
"Wow, holy crap. I'm surprised," said Hamilton after the winning lap time was announced.
Host Jeremy Clarkson revealed to viewers that Hamilton had been so annoyed with his previous lap time that he had done a deal with producers to return to the show.
Hamilton revealed that the Top Gear challenge was a big talking point for F1 drivers and said that rival Rubens Barrichello had at one point printed out a T-shirt with 'I Beat The Stig' printed on it and handed out 'The Stig Beat Me' T-shirts to everyone else.
Top Gear continues on Sunday nights on BBC Two.